Question

which items are consequences of global as trade for a developed nation that begins to import more goods and services from less developed countries

Answer 1

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Consequences of Globalization for less developed countries:-

1. Inequality- Globalization increase inequality and increases the gap between the countries involved in Globalization and the countries which are not.

2. Inflation- Sometimes, the demand of some products increases too much, that in the shortfall of quantities of these products, this result in inflation.

3. BOP- when imports exceeds exports, it leads to BOP crises which further results in destabilization in the economy.

Although there’s a positive side of it also.

Benefits of Globalization-

1. Economies of scale- due to Globalization, demand has increased. This leads to economies of scale as the producer has to produce more quantities.

2. Increases GDP- Globalization increases GDP of the country. It opens the international trade and if the country succeeds in exporting more, it drives the GDP forward.

3. Benefits customers- due to the diversity of products and low prices due to more competition, Globalization has benefitted the customers.